YEREVAN, JUNE 25, ARMENPRESS. Yerevan police are carrying out operations in the head office of  ELLIPS GA – the security systems company which is currently under investigation in suspicion of fraud.

“Actions are underway within the framework of the criminal case”, head of the PR and Press department of the police force Ashot Aharonyan told ARMENPRESS.

The investigation was launched when the anti-corruption department of police received reports that executives of Security Dream, a company which is operating the traffic enforcement cameras in Armenia, have committed misappropriations.

Traffic police and Security Dream had signed contracts in 2011, 2013 and 2017 whereby the company created a traffic enforcement system. Security Dream, a privately owned company, operated under a 30/70, 50/50 and later 10/90 ratio of distribution of proceeds with traffic police.

In addition, in 2017,  the proceeds which went to traffic police were returned to the company as payment for rendered services.

Under the same contract, traffic police was bound to entirely compensate the costs of rendered services.

According to initial information, Security Dream had signed a contract with ELLIPS GA, with the intention to commit fraud.

In particular, in the period from February of 2017 to June of 2018 the companies made fake reports about services and submitted them to traffic police. As result, Security Dream and ELLIPS GA have embezzled over 2,100,000 dollars from traffic police.

Police said they have reasons to believe that similar fraud was carried out in the past also, and an investigation is underway to determine the circumstances.

Edited and translated by Stepan Kocharyan